SNB Holds Rates at 0%, Upgrades Inflation Outlook on Energy Prices

Key Facts

The Swiss National Bank (SNB) left its policy rate unchanged at 0% today, matching market expectations for steady policy. According to reports, the central bank upgraded its inflation forecasts, citing higher energy prices and a weaker Swiss franc as primary drivers for the revision. Official data confirmed that Swiss inflation rose from 0.6% in May to 0.8% in August, primarily fueled by oil products.

This decision follows a series of global monetary policy moves; per market data, the Bank of England and the central bank of Taiwan maintained their rates at 3.75% and 2% respectively on September 17, 2026. The SNB noted that while Swiss economic growth remains solid, it expects a moderation in momentum ahead. The bank also highlighted that the recent depreciation of the franc has been supportive of the broader economy.

Looking ahead, market participants will focus on the SNB's willingness to intervene in foreign exchange markets to manage currency volatility. As of the close on September 24, 2026, specific instrument prices are unavailable, and the focus shifts to global macro catalysts. With no major Swiss-specific events in the immediate upcoming calendar, the franc's performance against major peers will remain the primary gauge for policy impact.